Capital gain tax on sale of house ( property )
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 January 2015
Dear sir/ madam,
My father is a senior citizen.
He received a capital gain of Rs 60,00,000 from sale of residential house.
He is a senior citizen. And, his income from all sources is zero.
Will income tax deduction slab of Rs 3,00,000 be applicable for capital gain tax calculation?
For eg capital gain: 60,00,000 - 3,00,000 = 57,00,000.
Is this calculation applicable for capital gain calculation.
All experts are requested to help.
Regards
My father is a senior citizen.
He received a capital gain of Rs 60,00,000 from sale of residential house.
He is a senior citizen. And, his income from all sources is zero.
Will income tax deduction slab of Rs 3,00,000 be applicable for capital gain tax calculation?
For eg capital gain: 60,00,000 - 3,00,000 = 57,00,000.
Is this calculation applicable for capital gain calculation.
All experts are requested to help.
Regards
13 January 2015
Yes the above calculation is applicable for capital gain.
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